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Reference Data Platform for Global 500 Investment Bank

Challenge

Our client: Top-tier, multi-national investment bank that provides advisory, financing and risk management services globally; Is a primary dealer in U.S. Treasury securities and various European Government bonds and operates global trading desks for equities, foreign exchange, bonds and derivatives.

Our client was having significant reliability and performance issues with their reference data platform that powers all back office, trading and risk management applications across the firm. This system was regularly overwhelmed by high transaction volumes that averaged more than 40 million transactions per day and as many as 20 million transactions in a peak hour.

Solution

Sovereign Solutions worked with the client to do an architectural assessment to document their current state architecture and identify key pain points. Our team then defined a target state architecture to address all their pain points and an architectural roadmap to incrementally take them to where they needed to be. The new architecture incorporated an ultra-high-speed enterprise messaging bus and in-memory caching technologies to publish data from New York and distribute that data to synchronous and asynchronous consuming systems on five continents. The new architecture was easily able to accommodate the 40 million transactions per day and peaks of 10 million transactions per hour. As part of this engagement, our team completed multiple projects:

  • Complete system architecture for deploying an ultra-high-speed messaging platform, including evaluation of products, proof of concept to validate the recommended solutions, global deployment of the solution and creating of an API to simplify the use of the new messaging platform by application development teams
  • Complete re-architecture and implementation of the mission critical global reference data platform to support web service, direct database and enterprise messaging publish/subscribe interfaces. This platform was built on top of the ultra-high-speed messaging platform due to performance limitations of their existing enterprise messaging buses. This system was able to provide updates to consuming systems in real-time as the underlying reference data changed.
  • Architecture and implementation of big data repository that stored historical data generated by the reference data platform for compliance and audit. This repository stored over 10 Petabytes of data.
  • Because of our performance and demonstrated expertise with enterprise messaging buses, the client requested our help re-architecting their foreign exchange trading platform. Our team built out the next-generations foreign exchange trading platform used across all foreign exchange trading desks within the entire firm. This real-time system supported over 50 million trades and transactions per day.
  • Our team led the effort to perform security architecture reviews and issue remediation for the entire reference data platform
  • We defined a new canonical data model to represent instrument, issuer and pricing reference data. This data model was used throughout the entire firm and was the data format and model of reference used to communicate between all applications, web services and messaging components across the globe

Results

The implementation of the new framework offered a branch to lead financial services and products while building trust and loyalty among customers of the financial client.  The results included an increase of productivity through automation of scripts.  It also was inclusive of an automation framework for the international stock exchange which supported new and current functions.  The financial client was able to showcase new possibilities to support those interested in equity trading and ultimately retain those interested in the financial services of the company with the added value model.

Copyright (C) 2018 Sovereign Solutions Corp. All rights reserved.

The content and information provided in this piece are intended for educational and informative purposes. The general nature of such content should not be interpreted as advice for any specific situation. If any reader notes a similarity in their circumstances, or desires situational device, they may reach Matthew Morrison for more particular direction.

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